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Fair Oaks Ranch has been recognized for financial excellence and is reporting a clean audit for fiscal year 2024-25.
Jon Watson, certified public accountant with BrooksWatson & Co., presented the audit to the City Council on March 19.
The breakdown
Watson said the audit came back unmodified, which is the highest level of assurance the city could receive.
In the FY 2024-25 audit, the total assets exceeded total liabilities by around $42.61 million, and the city increased the net position by $2.99 million.
Overall, governmental revenues increased to around $12.21 million, up $300,000 from the prior year at around $11.91 million. These revenue sources do not include funds from water, wastewater or other budgets.
The largest revenue source was property taxes, accounting for 63% of government revenue, while sales taxes accounted for 16%.
Total governmental expenditures were around $10.41 million, up from the prior year’s expenditures of around $9.93 million. Public safety made up 40% of total governmental expenditures.
